Jefferies Cuts Price Target Ahead of Stericycle's (SRCL) 3Q Report
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Jefferies maintained a Buy rating on Stericycle (NASDAQ: SRCL), and cut the price target to $108.00 (from $112.50), ahead of the company's 3Q earnings report. Management has done a good job the last couple months proactively communicating next year's headwinds and reigning-in expectations. One of the primary headwinds SRCL has pointed to next year is the expectation that the 2Q16 pricing pressure persists. Both Jefferies and the Street are estimating $1.17 EPS; guidance is $1.17-1.21.
Analyst Sean Dodge commented, "Visibility into 3Q is poor, but skies brighten after as we look ahead to: (1) achievable '17 targets, reducing the chance of a '16 repeat; (2) stabilizing macro headwinds and easier comps; (3) the Nov. 10 analyst day and debut of LT targets; and (4) the likely sale of the M&I business. Concerns around SQ pricing and volatility in non-core businesses are the biggest overhangs—we believe shares currently price in worst-care scenarios for both. Reports 10/27 AMC."
Shares of Stericycle closed at $74.47 yesterday.
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